BREAKING: FG Approves 15% Import Duty On Petrol, Diesel

BREAKING: FG Approves 15% Import Duty On Petrol, Diesel

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), commonly known as petrol.

In a letter dated October 21, 2025, and obtained by TheCable, Tinubu’s approval was communicated to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) by his private secretary, Damilotun Aderemi.

The president granted the approval following a request from the FIRS to apply the 15 percent duty on the cost, insurance, and freight (CIF) value of the products, aiming to align import costs with current domestic market realities.

According to the letter, implementing the new import duty is expected to raise the pump price of petrol by approximately ₦99.72 per litre.